In spite of the clear value of postgraduate business students to many providers of distance education courses, the factors affecting the retention of these students have received limited attention in the literature. In addressing this gap, this paper presents the findings of a qualitative study into the factors affecting the retention of postgraduate business students at a major Australian distance education university. The findings of this study suggest that a range of situational, dispositional and attitudinal factors impact upon student retention on this context, both as enablers of and obstacles to ongoing participation. In many cases, these factors differ to those identified in the existing literature on student retention. Based on these findings, we present a range of strategies designed to improve the retention of postgraduate business students by maximising enabling factors and minimising the impact of any identified obstacles. Limitations of the study and suggestions for further research are also presented.